When Mark and Martin Pow purchased a property in the centre of Teignmouth, the building included a commercial unit on the ground floor and two empty flats above.
The flats has been unoccupied and needed significant updating. Mark and Martin saw an opportunity to refurbish them and bring that part of the building back into use.
“No one’s been living in the flats. They were just very old and dated, so we’ve brought it all back to life and brought it back to a modern standard.”
Through regent Street Ltd and Pow Property, Mark and Martin had experience of renovating properties and had previously used different types of finance to fund their projects.
They first discovered Lendology through word of mouth and an advert and had already used council-backed lending for previous projects. When it came to the Teignmouth property, they chose to work with Lendology again, using an Empty Property Loan funded by Teignbridge District Council to support the refurbishment.
“This is now our fourth loan that we’ve had with Lendology”.
With the refurbishment complete, the two previously empty flats have been updated and brought back into use in the heart of the town.
For Mark and Martin, that’s an important part of the project.
“It’s definitely helping the local community”
They also valued having people available to speak to throughout the finance process.
“Harriet, Shannon and Rebekah have been absolutely fantastic, been so helpful. Whenever we’ve phoned up, they’ve always been there to answer the phone and it’s been brilliant every single step of the way.”
Having worked with Lendology across several projects, Mark and Martin describe their experience of arranging the finance as straightforward.
“Every single time, it’s been an absolute breeze working with you.”
For them, the Teignmouth refurbishment has given an older property a new lease of life and, importantly, returned two previously empty flats to use.
Watch the video to hear Mark and Martin talk about the refurbishment and their experience.
Could an Empty Property Loan help?
Lendology works with local councils to provide loans that can support eligible empty property owners with the cost of bringing properties back into use.
If you own an empty property and are considering refurbishment work, find out more about our Empty Property Loans and the schemes available in your area.
All lending is subject to status and eligibility.
Representative Example (4% fixed interest rate, Representative 4.2% APR)
Borrow £5,000 over 60 months, £92.08 monthly repayments. Total amount repayable = £5,544.96. Loans are subject to status and are typically protected by a Title Restriction. A Title Restriction means that you may not be able to sell your home without our permission unless the loan is fully repaid. This is not a mortgage. Missing payments could affect your credit rating.